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Friday, January 27, 2023

Solana Price Has Been Moving Towards Yearly Low

The price of Solana went on to tumble on the 16th of June despite a broader retreat that took place across the top cryptocurrencies. This also led to the interest hike of the Federal Reserve to 0.75% just a day before. Notably, the price exchange went down by 17% to $30 a token- which went on to wipe out almost all of the gains that had been secured by the cryptocurrency just a day before.

The price volatility of the cryptocurrency liquidated around $10 million worth of contracts over the last 24 hours across quite a few crypto exchanges.

Solana Price Has Been Decreasing Slowly

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The latest decline in the price of Solana does come as an extension to the broader correction of the cryptocurrency, where it repeatedly dropped by around 90% after it peaked out at a price near $267 in November 2021. SOL also went down to its lowest level since July 2021 at a price of $25. Along with that, a higher interest rate environment and the much-highlighted collapse of several high-profile crypto projects like Terra have definitely strengthened the downside prospects of the cryptocurrency. 

The pullback move of Solana on the 16th of June started after testing a horizontal resistance of trendline near the sum of $34 that would constitute what appears to be an ascending triangle pattern. As it stands, most of the ascending triangles are continuation patterns- which implies that they usually tend to send the price in the direction of their earlier trend. 

The price of Solana has set the downside target at about 25% below the price on the 16th of June and could further be achieved by the end of June. Nonetheless, if the cryptocurrency does bounce after testing the lower trendline of the triangle as support- it would be eyeing the range of $34- $36 as its interim upside target. 

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